Mobileye NV (NASDAQ: MBLY) was downgraded by analysts at Deutsche Bank in a report Wednesday morning to Hold from Buy, while maintaining a $53.00 price target.

Analyst Rod Lache cited valuation concerns as the main driver of the downgrade, following the recent rally in shares.

"The company's shares have risen by 230% since their July 31 IPO and by ~51% since our August 26 initiation. As a result, the shares now slightly exceed our valuation targets (12-month target of $53 based on 30x 2020 EPS estimate of $2.60 discounted back to YE 2015 at 10%/yr; $55 estimated valuation at YE2015 based on DCF), and MBLY no longer meets our criteria for a Buy."

Deutsche Bank still maintains a favorable long-term view on Mobileye. Shares were down $1.60 percent in the premarket at $54.90.